Abuja-based Johnbosco Agbakwuru

On Monday, the Federal Government stated that it inherited a terrible economy with an unacceptable high rate of unemployment.

The government also informed Nigerians that President Bola Tinubu's administration will not rely on borrowing and that he has promised to be truthful, honest, and accountable to the people.

Meanwhile, the President has vowed that the Ministry of Trade and Investment will create approximately 50 million jobs.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, told journalists at the end of the inaugural Federal Executive Council, FEC, meeting presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja, that the Tinubu administration faced a very bad economy with inflation at 24 percent.

When asked to characterize the type of economy the government encountered on the ground, he stated, "Per capital has steadily fallen, inflation is at 24 percent, unemployment is high; you know they're rebasing the way it's calculated."

"In either case, it is high, and youth unemployment is even higher." These are the key performance indicators that we have met."

When asked to elaborate on the type of economy the Tinubu government encountered on the ground, the Minister stated, "We met a bad economy, and Mr. President's promise is to make it better."

He also stated that the Federal Government is not in a position to borrow money at this time, emphasizing the importance of creating a macroeconomic environment in which both domestic and foreign businesses will invest and enhance output.

Dr. Doris Anite, Minister of Trade and Investment, stated that the President must create 50 million jobs.

Meanwhile, President Tinubu has issued a marching order to cabinet members in order to resurrect the economy and make life more tolerable for the people.

The marching orders were issued at the council meeting during which the "Roadmap for the Economy" presented by the Minister of Finance and Coordinating Minister for the Economy was discussed.

The council, according to Edun, concurred that the economy is not where it should be.

He stated that the FEC assessed eight priority areas and defined priorities for the next three years.

He confirmed that President Tinubu has charged the ministries with implementing policies and programs to turn the economy around.